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ConocoPhillips announces future leadership

HOUSTON, Oct. 7, 2011 – The board of directors of ConocoPhillips has chosen the leaders for the two independent energy companies that will result from the previously announced strategic repositioning of ConocoPhillips. Ryan M. Lance will become the chairman and CEO of ConocoPhillips, the upstream company, and Greg C. Garland will become the chairman and CEO of the downstream company.

Jim Mulva, the current chairman and CEO of ConocoPhillips will retire subsequent to completion of the separation. The repositioning is expected to be completed in the second quarter of 2012.

Lance is currently senior vice president, Exploration and Production, International for ConocoPhillips. A petroleum engineer, he has over 26 years of oil and natural gas industry experience in senior management and technical positions with ConocoPhillips, predecessor Phillips Petroleum and various divisions of ARCO.

Garland is currently senior vice president, Exploration and Production, Americas for ConocoPhillips. He began his career as a project engineer with Phillips Petroleum and has been associated with ConocoPhillips, its predecessors and affiliated companies for over 31 years. From 2008 to 2010, he was president and chief executive officer of Chevron Phillips Chemical Company, the 50-50 joint venture of ConocoPhillips and Chevron. ConocoPhillips’ interest in the joint venture will be transferred to the downstream company following the separation.

Both appointments will become effective at the completion of ConocoPhillips’ repositioning transaction next year. Lance and Garland will continue in senior management roles until that time, while also directing transition plans, including appointment of their executive management teams.

The repositioning of ConocoPhillips into two independent companies is subject to market conditions, customary regulatory approvals, the receipt of an affirmative ruling from the US Internal Revenue Service, the execution of separation and intercompany agreements, and final board approval.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $160 billion of assets, and $244 billion of annualized revenues as of June 30, 2011.

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